There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.
In a recent Realtor Magazinearticle, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):
“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”
NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:
47% suburban/subdivision
39% rural area
25% small town
14% urban area/central city
13% resort community/recreational area
According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.
Real Estate Brokers and Owners Agree
Zelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:
Real Estate Brokers See a Shift Toward Suburbia
Bottom Line
No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:
The Northeast was up 76.6%
The West was up 56.7%
The Midwest was up 52.1%
The South was up 46.7%
The Housing Market Is Showing a ‘V’ Type Recovery
ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):
Year-Over-Year Change in Buyer Traffic
We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
Bottom Line
If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
Quite often individuals are left with a family home as a result of the passing of a loved one. This means you’ve likely inherited a house.
In many cases, this means that it is a second home and not one that they wish to keep so they want to sell it. When the Will is going through probate, the heirs often want to sell the house…even while the house is in probate..
Unfortunately, selling a house in probate is not an easy process and can be lengthy and somewhat frustrating.
There are cases where you can sell a house without probate.
selling a house in probate
Selling a House While in Probate
The individual that will be responsible for seeing that everything that has been outlined in the will is carried out will be the administrator or executor. The executor will be the one that has been named in the will to act as such, and if no one has been named then usually the closest relative is appointed to the administration position which can be done by the court or other close relatives.
Selling a House In Probate
When selling a house in probate it has to go through a series of steps that are regulated by the courts. These regulations may include deadlines as a well as documentation that has to be paid close attention to through the entire real estate in probate sale process. There are many details involved in.
Other individuals that may be involved in the sale of the home is the appraiser, the realtor, and an attorney as well as the courts itself.
Selling a House Before Probate Is Granted
When it comes to selling a house in probate the value of it has to be determined first. This is done through a proper appraisal and most often the realtor that you choose to handle the sale of the property will be able to recommend a proper appraiser. The rules are that the property must sell for at least 90% of what it is being appraised at.
It may not always be necessary to have an independent appraiser as some Realtors are experienced in probate and trust sales, and are considered credible when placing a value on the house. This agent will then usually carry through with listing the house for sale.
You can then go through with. A probate sale is granted beginning with this step.
Selling a House Once Probate is Granted
The big responsibility for selling a house once probate is granted partly becomes the responsibility of the chosen Realtor. This professional will work on this by using many different resources.
It usually involves different segments which include the proper signage as well as different types of advertising placed in different media’s.
In addition to this, the Realtor will hold open houses to encourage other real estate agents and potential buyers to attend. Then when viewings are set up the Realtor will attend to the showings.
These are all important steps that help when selling a house in probate.
Selling a House After Probate
Quite often potential buyers are looking for a cheap buy when it comes to a home being sold in probate.
What has to be remembered is that there are court rulings in place regarding the sale, which is the offer has to be within the 90% of the sale appraised value. The Realtor again will play a big role here in making sure that the seller is able to negotiate the proper terms that are going to fit in with the requirements for both the buyer and the seller. Selling a house after probate allows the executor or administrator to enter into the necessary contracts.
Once this has been completed and the offer has been presented and accepted, then the court requires a notice of proposed action to be mailed to all the heirs that were named in the estate. This allows the heirs 15 days to present any objections that they may have. If none is raised, then the sale can go ahead without the necessity of a court hearing. This is where it can sometimes become frustrating for those selling a house in probate.
In some cases when selling a house in probate it may be mandatory that the notice of the sale is published in a local newspaper. This could be because the executor or administrator did not have all the powers necessary as stated under the IAEA, or an objection was lodged by one of the heirs.
A court date has to be set for the confirmation hearing which usually takes place between 30 and 45 days after filing of the application and the details again may be mailed to all parties concerned. During this time the realtor will most likely continue to show and advertise the property as there may be an opportunity to increase the sale price.
It is not unusual, for sometimes during the court confirmation hearing when selling a house in probate, the original bid that was accepted becomes overbid by someone else that is interested in buying the home. If this happens the party coming in with the second or higher bid has to attend at the hearing and bring with them a cashier’s check. The amount of this check must be at a minimum of 10% of the offering price they have placed on the home.
If it turns out that there are more than one over bidders then the outcome is, the bidder with the highest bid is awarded the purchase of the home. What happens is that this a bidder submits the cashier’s check to the executor or administrator. This money is then held in escrow for a period of time, which is usually 30 to 45 days following the court hearing.
Selling a House Without Probate
There are some stipulations within the estate law that do allow for selling a house without probate. Normally the executor or administrator of the will doesn’t have the necessary authority to sell a house unless probate is in place. Probate may be possibly avoided if the deceased placed the home in a living trust while still living.
It is really important that the proper professionals are chosen to assist you through the probate sale as it can be most complicated and it is taking place at a time where family members are going through the stress of losing a loved one, and this is just a added burden for them to have to attend to. When the process is followed properly it usually flows in the proper manner and the big concern is having the right realtor on board to get the price that has been placed on the home by being pro active and energetic in their selling responsibilities.
Want to find out more? Here’s an article we have that shows you how to sell an inherited house.
Find out whether you can get a cash offer to buy the house in probate. We buy houses cash in Orange Seminole Volusia Lake Osceola Counties and can make you an offer. We have experience with helping people sell a house fast even when it is in probate or about to go through the probate process.
If you have any questions about how this works, please call us at 407-641-1531. We’re here to help…even if you decide not to sell the house.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
Last Friday, the Bureau for Labor Statistics released their Employment Report for August 2020. The big surprise was that the unemployment rate fell to 8.4%, a full percent lower than what many analysts had forecasted earlier in the week. Though it is tough to look at this as great news when millions of Americans are still without work, the number of unemployed is currently much lower than most experts had projected it would be just a few months ago.
Not Like the Great Depression or Even the Great Recession
Jason Furman, Professor of Practice at Harvardexplained:
“An unemployment rate of 8.4% is much lower than most anyone would have thought it a few months ago. It is still a bad recession but not a historically unprecedented event or one we need to go back to the Great Depression for comparison.”
During the Great Depression, the unemployment rate was over 20% for four consecutive years (1932 – 1935). This April, the rate jumped to 14.7%, but has fallen each month since.
During and after the Great Recession (2007-2009), the unemployment rate was at 9% or greater for thirty consecutive months (April 2009 – October 2011). Most economists believe the current rate will continue to fall monthly as the economy regains its strength.
What Happens Going Forward?
The outcome will be determined by how quickly we can contain the virus. In their last Economic Forecasting Survey, the Wall Street Journal reported the economists surveyed believe the annual unemployment rates will be 6.6% in 2021 and 5.5% in 2022. Though that will still be greater than the 3.5% rate that we saw earlier this year, it is lower than the annual rate reported in 2011 (8.5%), 2012 (7.9%), and 2013 (6.7%).
Bottom Line
There are still millions of Americans struggling through this economic downturn. There is, however, light at the end of the tunnel. The unemployment situation did not get as bad as many had predicted, and the recovery is taking place faster than most thought would happen.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.
Housing Market Recovery
The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.
The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.
According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):
The Housing Market Recovery
Record-Breaking Mortgage Rates
Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.
When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.
Continued Home Price Appreciation
One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.
This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loans, notes:
“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.”
Increasing Affordability
Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.
“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”
Bottom Line
With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.
From more outdoor space to virtual classrooms for their children, buyers have a growing list of what they’d like to see in their homes.
Let’s connect today if your needs have changed and your wish list is expanding too.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
First of all, congratulations! We understand inheriting a house might be a stressful situation for some, but you don’t need to worry. We broke down your options and explored pros and cons. We also provided further steps you need to take after you make your decision.
So let’s go!
First thing’s first.
HuffingtonPost states these are the questions you need to ask after you inherit a house:
What condition is the house in?
How much will my expenses be?
How much is the house worth?
Should I move in, rent it or sell after I’ve inherited a house?
So, what are your options?
Sell when you’ve inherited a house!
Inheriting a house comes with plenty of unwanted headaches, especially if it’s something you didn’t want to happen. The first thought most have is to sell the house.
RealtyTimes states that the absolute first step you must take if deciding to sell your inherited house is t0 seek legal action. Are you selling an inherited house to a sibling, at a loss or just wanting to sell? There are a few questions that should be addressed during this process, including the following:
Who will take care of getting the house ready for sale?
Who is responsible for negotiations and real estate agent hirings?
How will you divide the expensive?
Who is responsible for caring for the house while it is on the market?
You can also sell your house with a realtor without making repairs, or sell to a cash home buyer. We offer you both of these options! The best part is that you can get a cash offer in just 24 hours – your inherited home can be sold faster than you think!
Selling the house fast would be the best option for those who have no intention of moving in or renting it. There are a few pros as well as cons that come with this decision.
Pros of selling an inherited house:
It can be sold FAST!
Paying in cash and having flexible payment options.
Not having to worry about the future of the property.
Cons of selling an inherited house:
You will have less control over who gets your house.
You might not be able to sell for the true value of the house.
Another option to consider is to rent your inherited Orange Seminole Volusia Lake Osceola Counties house. If the house is to be rented, the heirs might ask:
Who will collect the rent?
Who takes the maintenance calls from tenants?
Where will the rental deposits and payments be held?
How will the income after costs be split among the heirs – each month, quarterly or annually?
Cons of renting an inherited house:
NextAvenue states that:”For tax purposes, the house (not the land) is considered a depreciable asset and a certain percentage of its value can be deducted annually.”
It can often be time-consuming.
You’ll need to make sure your tenants are a perfect fit for the house.
Pros of renting an inherited house:
Steady income on a long-term basis.
Creating networking relationships with the tenants.
Adding your management skills to your resume.
Move into your inherited house!
This option might be an obvious one – you could move when you’ve inherited a house and call it your new home.
The question that comes with moving into your inherited house is what to do with your current house. The same answers as above apply – you could easily sell it or rent it if you wish to do so.
Before you do decide to move into the inherited house,HouseLogic suggests to do the following:
Investigate the mortgage.
Especially if you’ve inherited a house from your parents at a loss – be aware of the current mortgage situation and know how to deal with it.
Physically check the house.
Is the property furnished or unfurnished? Take note of what needs to be fixed and what you want to fix. How does the season change affect the house? Do you like the surrounding area? See if all conditions meet your criteria before you decide to move in. Gather all necessary paperwork on the house and its appliances.
If you inherited a house from your parents, you need to address the following questions:
Are you moving in alone, with your siblings or other relatives?
If the latter two, how will you split the costs?
What do you want to do with your current property?
So, what’s it going to be? These decisions take time and planning. Make sure you check your budget, consult with professionals and get all your documentation ready.
Decided to sell? Give us a call and we will provide you with the best cash offer in just a couple of days!
Get a Cash Offer Within 24 Hours
Lucky for you, we buy houses in Orange Seminole Volusia Lake Osceola Counties. We work fast to get you a no-obligation cash offer for you house within 24 hours.
Our customers comment all the time about our soft approach. You won’t get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don’t have to accept it. No charge. No fees.
The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.
How Will the Presidential Election Impact Real Estate?
The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a new forecast projects there may be more homes purchased this year than last year.
As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the real estate market.
Is there a drop-off in home sales during a presidential election year?
BTIG, a research and analysis company, looked at new home sales from 1963 through 2019 in their report titled One House, Two House, Red House, Blue House. They noted that in non-presidential years, there is a -9.8% decrease in November compared to October. This is the normal seasonality of the market, with a slowdown in activity that’s usually seen in fall and winter.
However, it also revealed that in presidential election years, the typical drop increases to -15%. The report explains why:
“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty.”
Are those sales lost forever?
No. BTIG determined:
“This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”
In a separate study done by Meyers Research & Zonda, Ali Wolf, Chief Economist, agrees that those purchases are just delayed until after the election:
“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year.”
Will it matter who is elected?
To some degree, but not in the overall number of home sales. As mentioned above, consumer confidence plays a significant role in a family’s desire to buy a home. How may consumer confidence impact the housing market post-election? The BTIG report covered that as well:
“A change in administration might benefit trailing blue county housing dynamics. The re-election of President Trump could continue to propel red county outperformance.”
Again, overall sales should not be impacted in a significant way.
Bottom Line
If mortgage rates remain near all-time lows, the economy continues to recover, and unemployment continues to decrease, the real estate market should remain strong up to and past the election.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
When most of us begin searching for a home, we naturally start by looking at the price. It’s important, however, to closely consider what else impacts the purchase. It’s not just the price of the house that matters, but the overall cost in the long run. Today, that’s largely impacted by low mortgage rates. Low rates are actually making homes more affordable now than at any time since 2016, and here’s why.
Today’s low rates are off-setting rising home prices because it’s less expensive to borrow money. In essence, purchasing a home while mortgage rates are this low may save you significantly over the life of your home loan.
Taking a look at the graph below with data sourced from the National Association of Realtors (NAR), the higher the bars rise, the more affordable homes are. The orange bars represent the period of time when homes were most affordable, but that’s also reflective of when the housing bubble burst. At that time, distressed properties, like foreclosures and short sales, dominated the market. That’s a drastically different environment than what we have in the housing market now.
The green bar represents today’s market. It shows that homes truly are more affordable than they have been in years, and much more so than they were in the normal market that led up to the housing crash. Low mortgage rates are a big differentiator driving this affordability.
House Affordability Index 1990 to Today
What are the experts saying about affordability?
Experts agree that this unique moment in time is making homes incredibly affordable for buyers.
“Although housing prices have consistently moved higher, when the favorable mortgage rates are factored in, an overall home purchase was more affordable in 2020’s second quarter compared to one year ago.”
“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”
“Homeowners are the clear winners. Low mortgage rates mean the cost of owning is at historically low levels and who gains all the benefits of strong house price appreciation? Homeowners.”
Bottom Line
When purchasing a home, it’s important to think about the overall cost, not just the price of the house. Homes on your wish list may be more affordable today than you think. Let’s connect to discuss how affordability plays a role in our local market, and your long-term homeownership goals.
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.
